Dell Computers is a leader in the computer industry with over $59 billion in sales each year. A recent annual report for Dell contained the following note:

Warranty

The Company records warranty liabilities for estimated costs of fulfilling its obligations under standard limited hardware and software warranties at the time of sale. The liability for standard warranties is included in accrued and other current and other non-current liabilities in the Consolidated Statements of Financial Position.

Required:

Assume that estimated warranty costs for the current year are $501.8 million and that $410.4 million of warranty work was performed during the year. Provide the journal entries required to recognize warranty expense and the warranty services provided during the year. Assume that all warranty services were paid for with cash.

Walt Disney is a well-recognized brand in the entertainment industry with products ranging from broadcast media to parks and resorts. The following note is from a recent annual report:

Revenue Recognition

Sales of theme park tickets are recognized when the tickets are used. Sales of annual passes are recognized ratably over the period for which the pass is available for use.

Assume that in the current year, Disney collected $91.4 million in tickets that have not yet been used. Also in the current year, Disney estimates that $4.60 million worth of tickets that have been sold in the past will not be used in the current year or in the future. Provide the journal entries required to recognize (a) the receipt of the $91.4 million in cash and (b) the $4.60 million that Disney estimates will not be used.

Dell Computers is a leader in the computer industry with over $59 billion in sales each year. A recent annual report for Dell contained the following note: Warranty The Company records warranty liabilities for estimated costs of fulfilling its obligations under standard limited hardware and software warranties at the time of sale. The liability for standard warranties is included in accrued and other current and other non-current liabilities in the Consolidated Statements of Financial Position. Required: 1. Assume that estimated warranty costs for the current year are $501.8 million and that $410.4 million of warranty work was performed during the year. Provide the journal entries required to recognize warranty expense and the warranty services provided during the year. Assume that all warranty services were paid for with cash. Walt Disney is a well-recognized brand in the entertainment industry with products ranging from broadcast media to parks and resorts. The following note is from a recent annual report: Revenue Recognition Sales of theme park tickets are recognized when the tickets are used. Sales of annual passes are recognized ratably over the period for which the pass is available for use. 2. Assume that in the current year, Disney collected $91.4 million in tickets that have not yet been used. Also in the current year, Disney estimates that $4.60 million worth of tickets that have been sold in the past will not be used in the current year or in the future. Provide the journal entries required to recognize (a) the receipt of the $91.4 million in cash and (b) the $4.60 million that Disney estimates will not be used. Complete this question by entering your answers in the tabs below. Assume that estimated warranty costs for the current year are $501.8 million and that $410.4 million of warranty work was performed during the year. Provide the journal entries required to recognize warranty expense and the warranty services provided during the year. Assume that all warranty services were paid for with cash. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollar not in millions (i.e., 1,000,000 not 1.0)